Amara Share Discussion Threads

[darcon] 26/6/2016 07:42

From the Key Risks section of the PRU presentation (page 31 of 43) accompanying the ongoing PRU capital raising:

"Companies operating in all industries, including the mining industry, are subject to legal claims, that do or do not possess merit. The Company is subject to such litigation risks. Defense and settlement costs in the event of an unsuccessful defense of such legal claims, may or may not be substantial and may or may not affect its financial position, its financial results or its operations.

In this regard, Perseus notes the litigation inherited following the completion of the merger with Amara Mining plc (Amara) relating to Amara's Burkina Faso operations. The matter relates to a claim brought by Bayswater Construction & Mining Burkina Sarl (BCM), the mining contractor for Amara Mining plc's Burkina subsidiaries' historic mining operations which were conducted until mid-2014 against Amara in 2014 in Burkina Faso for Amara's involvement in the non-payment of invoices by its subsidiaries and subsequent damages in a total amount of approximately US$22 million. Subsequent to the claim, about US$8 million was paid to BCM as a result of the liquidation of one of the Amara subsidiaries. Perseus is currently assessing the merits of the claim and formulating Perseus's strategy and potential defenses."

[medved5] 26/6/2016 06:52

Maybe a blessing in disguise, underlying litigation with contractors BCM is going to be more than they bargained for

[amargosa] 25/6/2016 21:33

It may have just have been bs on the phone from the Selftrade operative, but I did get a corporate action message before my conversation requesting action by 13 june to exercise my warrants; it explained that other opportunities would arise to exercise them if I didn't take this one. The operative explained that's how warrants work - it's up to the Company to offer them up!

Now I've just received another CAM informing me of a rights offer. Then it tels me I don't qualify because I don't have an address in Aus or NZ. It's something of a shambles.

[darcon] 25/6/2016 17:01

They allowed the UK institutions to participate but have chosen to ignore the UK retail investors. Perhaps there aren't many of us left.

[corrientes] 25/6/2016 14:59

How can they have talked about a UK listing, then give two fingers to UK investors
concerning the rights issue ?

[darcon] 25/6/2016 11:29

I had the same from TDW. I contacted TDW and they confirmed to me that I can ignore it. I checked on Friday and my warrants are still in my account.

[morro] 25/6/2016 09:56

Amargosa, I had a notice that I had to exercise by a set data, which I'm not. Tried to contact Perseus but no one is responding. Appendix VII of the takeover document says, 'Each warrant entitles the relevant Warrant Holder to subscribe for one fully paid Perseus Share upon exercise by notice in writing and payment of the Warrant Exercise Price at any time before 5.00PM (AWST) on the date falling 36 months after the date of issue.' So the word any means any time. They can't change the rules without agreement, and I would not be happy them dictating when they may be exercised which would be done for their benefit rather than our benefit.

[amargosa] 24/6/2016 19:50

Thanks for that. I didn't take up a right to exercise my warrants by 13 jun; I had believed it was possible to exercise them anytime for up to 3 years, but my broker has told me I can only do it when the Company offers the opportunity.

[darcon] 24/6/2016 07:25

Australian retail investors only. If you are a UK retail investor then we miss out

[amargosa] 24/6/2016 07:12

Apparently, the cash raise is still open to retail investors.

[medved5] 23/6/2016 20:46

Underlying problems still lie that have not been not challenged by this market and anouncements allowed to be published to shareholders that keep this company in good light. Contractors in this company's mines have been treated badly

[edjge2] 23/6/2016 15:08

Pru screwed us up with their cash raise

[darcon] 22/6/2016 10:17

Thanks.

Medved5,

With respect to the litigation there is a footnote at the end of the latest presentation. In short it says Perseus are reviewing

[medved5] 09/6/2016 07:02

Not a PLC I would put my money in. Dastardly deeds I feel.

[medved5] 06/6/2016 12:24

Perhaps from you too Sir !

[darcon] 06/6/2016 12:18

There is no legal basis for BCM to contest a UK scheme of arrangement in relation to a UK PLC on the basis that there was a legal court case pending against its subsidiary in Cote D'Ivoire. This looks like desperate noise on the part of BCM.

[medved5] 06/6/2016 10:27

Here is the truth I feel:
Legal Matters Between BCM And AMARA Mining PLC

BCM suspended works at the Sega mine in Burkina Faso in 2014 when Amara Mining plc (AMA:LON) reneged on an agreement to pay BCM an amount of US$10 million from the proceeds of a share placement, as part payment of outstanding invoices totalling almost US$20 million.
BCM secured a court judgement to seize Amara’s shares in the Yaoure mine in Cote d’Ivoire in court proceedings. Despite the fact that this seizure is still in place and despite ongoing, related court proceedings, Amara Mining plc has continued to falsely announce that there is no valid legal case pending against it.
BCM contests the validity of the agreement Amara Mining plc (AMA:LON) entered into with Perseus Mining (PRU:TSE ; PRU: ASX) recently and seeks to continue its fight in pursuing assets as compensation for the losses the Company has suffered with respect to Amara’s actions.
BCM is surprised that the Board of a constituent company of AIM laying claim to the highest standards of governance, transparency and propriety could have approved a transaction of this nature with such a controversial provenance.

To make it clear, the court seizure notification which was confirmed by the Commercial Court of Abidjan in La Cote D’Ivoire states among others in French language as follows;
« Lui déclarant que la présente saisie rend indisponible les droits pécuniaires attaches a l’intégralité des parts sociales détenues par la société; AMARA MINING PLC ».
This means that the court seizure renders the pecuniary rights attached to the shares of AMARA MINING PLC unavailable to that Company. It also means that the shares of Amara Mining plc in the Yaoure Project are encumbered and that any share dealings are in contempt of this conservatory seizure.

In addition to the seizure of shares, all the assets at the Yaoure Project and at Amara’s offices in Abidjan are under conservatory seizure. The seizure notification noted as follows;

« J’ai par ailleurs déclaré; aux requises que les biens saisis sont indisponibles et places sous leur garde, Qu’ils ne peuvent être ni aliénés, ni déplacé;s si ce n’est dans le cas prévu à l’article 97 de l’Acte Uniforme »

Translated as « I also declared to the requirants that the assets seized are unavailable to them and placed under their guard. That the assets cannot be alienated or moved unless under conditions as specified under article 97 of the Uniform Acte.

[onedayrodders] 28/5/2016 12:51

thanks kevo

[kevo 1964] 26/5/2016 19:40

Received this good news from Katharine Sutton, Perseus Mining, today concerning trading Perseus shares through TD Waterhouse:

Hi Kevin,

I'm sorry for the delay in responding to you, I was waiting for confirmation from TD before I sent you the information.

Our registrar, Computershare, has a relationship with TD so I asked Computershare to approach TD about this issue. Over the past few days Computershare and TD have worked together to find a solution to problem and I'm pleased to tell you this has now been confirmed. TD is going to work with another broker in order to allow TD customers to trade their shares without having to do a cross border transaction. I'm giving you this information as background but you don't need to do anything in order to benefit from it, it just means you can trade through TD and you won't have to pay the initial £65 charge.

You may wish to call TD to confirm this but if you have any problems trading Perseus shares through your trading account please let me know and I'll follow up with Computershare again.

I hope this helps,

Best regards,

Katharine

Katharine Sutton | Head of Investor Relations| Perseus Mining Limited

[amargosa] 25/5/2016 12:58

More news out from PRU today about what former AMA shareholders should do...

[sequoia] 22/5/2016 07:57

The true cost is £65 plus vat = £78 at TDW takes about a week to change,or you can wait to see if there is to be a UK listing, if you want to trade them now the only option is to pay!

[kevo 1964] 20/5/2016 21:10

I have spoken to TD Waterhouse and Katharine Sutton at Perseus Mining this week. In order to trade the Perseus Mining shares TDW tell me that they have to be cross-bordered to the Australian or Canadian market for which there is a £65 charge. It seems to be that the only way round this is if Perseus decide to list in London but Katharine has told me there will be no decision by Perseus for 12 months. Katherine's 2 emails to me are as follows: -

Hi Kevin,

Thank you for your email.

I have received a number of emails from shareholders who hold their shares with TD Waterhouse and I haven’t heard from anyone else that they have been given this advice, which seems strange. I will contact Computershare, Perseus’s registrar, and see if they can shed any light on the matter and then I’ll email you again to give you an update.

In terms of the London listing, we are considering the merits of it and we have committed to announcing a decision within 12 months of the Amara merger completing. I’m afraid I can’t be any more specific on timing at this point.

Amara’s nominated advisor, Peel Hunt, did extensive research before the merger and advised the company that the vast majority of UK brokers allowed their customers to hold and trade overseas-listed shares (including Australian-listed shares). I’m very sorry for the problems you’re experiencing and I will try to help you find an answer to the problem.

Please let me know if you have any other questions.

Best regards,

Katharine

Katharine Sutton | Head of Investor Relations| Perseus Mining Limited

Hi Kevin,

Since I received your email yesterday two other shareholders have emailed me about the £65 charge being imposed by TD so it seems you were ahead of the game!

They seem to think the charge applies for the shares to be traded in Australia or Canada (I was surprised that TD was suggesting you transferred your shares to Canada given that it’s not Perseus’s primary market and there is less liquidity for the stock there than in Australia) so I have contacted TD and I am trying to find out why this is the case.

I will let you know as soon as I receive a response and I’m very sorry for this inconvenience.

Best regards,

Katharine

Katharine Sutton | Head of Investor Relations| Perseus Mining Limited